iprism re-launch stand-alone Terrorism product

Since the IRA bombing campaign in the 1990s (the St. Mary Axe, Bishopsgate and Canary Wharf bombs, in particular) cover for losses arising from acts of terrorism has been excluded from UK commercial insurance policies.

As is often the case following exclusions like this, a market opened up for purchasing cover against the risk of terrorism with payment of an additional premium. Such premiums are paid to a separate insurance carrier (Pool Re, for example), which are set up to provide cover specifically for the consequences of a terrorist attack.

The rate of commission allowable for terrorism insurance has always been different to the rate applied to the underlying policy, which typically ranges from 2.5 to 5% - although rates of up to 10% are now available for terrorism cover in the market.

iprism’s stand-alone terrorism product is provided by Arch Insurance Company (Europe) a market leading insurer and specialty lines business based in London. Arch Insurance Company (Europe) is backed by Arch Capital Group Ltd, a Bermudan based company established in 2001. The iprism/Arch partnership gives brokers the ability to offer terrorism cover, often with significantly lower premiums and greater policy flexibility. Our terrorism product provides:

Ability to include multiple premises
Range of different cover options
Business Interruption limit of £5m
Total sum insured on Contents limited to £5m
Available for risks with turnover of up to £10m
Available across a wide range of insurance products

What’s more, with iprism’s stand-alone terrorism product, brokers can now earn a significantly higher commission from terrorism cover.